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Crypto Moves — Bitcoin and Ethereum fall; Credit cards not for crypto transactions; Huobi gets approval to operate in Dubai
RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling by 2.26 percent to $21,890.45 as of 8:00 a.m. Riyadh time.
Ethereum, the second most traded cryptocurrency, was priced at $1,522.03 falling by 2.49 percent, according to data from Coindesk.
Taiwan’s financial watchdog warns against using credit cards for crypto transaction
The Taiwanese Financial Supervisory Commission has told banks and credit card issuers to prohibit the use of credit cards to pay for cryptocurrencies, according to a report published on UDN’s website, Bitcoin.com reported.
In addition, the financial regulator describes virtual assets as highly speculative, extremely volatile, and a source of money laundering risks, due to the latest crypto market downturn.
The FSC issued the call in a letter to the Bankers Association of Taiwan earlier in July, according to industry sources.
The authority initially did not deny the news nor comment on it, the article added. The company confirmed to Forkast that it had asked credit card agencies not to include crypto service providers on their merchant lists.
The commission mandated card acquirers comply with the new rules within three months and insisted credit cards should be used for consumption rather than investment and speculation.
In addition, the FSC reminded people about a prior requirement that bans the use of credit cards when paying for stock, futures, and option transactions.
Despite the adoption of updated anti-money laundering rules for service providers last summer, Taiwan’s crypto sector remains largely unregulated. A central bank digital currency project has yet to be finalized in the country, Bitcoin.com concluded.
Huobi receives provisional approval from VARA
Asian cryptocurrency-exchange Huobi has announced that it received provisional approval to operate in Dubai from the Dubai Virtual Assets Regulatory Authority. As a result of this approval, Huobi’s UAE-based entity can now offer a full range of virtual asset exchange products and services, according to a statement.
Meanwhile, a crypto exchange stated it will target what it calls professional investors. Spot and over-the-counter trading services will be available to “a limited subset of pre-qualified investors and financial service providers.”
Huobi also suggested that getting the provisional license would pave the way for establishing the exchange’s regional headquarters in Dubai.
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